Southport Oak Island Realty Group, Inc

Why You May Want to consider a Newly Built Home!

selling your home in southport or oak isand nc?

Are you putting off your plans to sell your home in the Southport NC or Oak Island NC area because you are worried you won’t be able to find a home you like when you move? If so, it may be time to consider a newly built home and the benefits that come with one. Here is why.

Near-Record Percentage of New Home Inventory

Newly built homes are becoming an increasingly significant part of today’s housing inventory, this is certainly true in Brunswick County NC, specifically Bolivia, NC. According to the most recent report from the National Association of Home Builders (NAHB):

Newly built homes available for sale accounted for 31% of total homes available for sale in November, compared to an approximate 12% historical average.”

That means the percentage of the total homes available to buy that are newly built is well over two times higher than the norm. And even more new homes are on the way.

Recent data from the Census shows there has been an uptick in both housing starts (where builders break ground on more new homes) and housing completions (homes where construction just wrapped).

And while some people may worry builders are building too many homes, that is not a concern – if anything, the recent increase is good news. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:

“Even more home building will be needed with the housing shortage persisting in most markets . . . Another 30% rise in home construction can easily be absorbed in the marketplace . . .”

How This Helps You 

Since the supply of existing home that are for sale in Southport NC and Oak Island NC is low right now, the increase of new-home construction can be a game changer because it gives you more options for your search.

Picture yourself in a home that is new from the ground up: new appliances, fresh paint, fewer maintenance needs because everything is new, and so much more. Doesn’t that sound nice?

And it may be more within reach than you ever imagined. In addition, some builders are offering things like mortgage rate buy-downs for homebuyers right now. This can help offset today’s affordability challenges while also getting you into your dream home. In a recent article, Patrick Duffy, Senior Real Estate Economist at U.S. News, explains:

“Builders have been using mortgage interest rate buydowns for many years as a sales incentive whenever interest rates are relatively high, . . .Today more builders are offering rate buydowns for the entirety of the loan, allowing buyers to finance more home for the same payment amount.”

Just remember, the process of buying from a builder is different from buying from a home seller, so it’s important to partner with a trusted real estate agent who knows the local market. They’ll be your go-to resource for coordinating with the builder, reviewing contracts, and more.

Bottom Line

If you’re trying to sell so you can make a move but you’re having a hard time finding a home you like, connect with our local real estate agents at Southport Oak Island Realty Group to explore all of your options, including the newly built homes in the Brunswick County NC, Southport NC and Oak Island NC area’s!

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Jon Langley

Jon Langley

Hi! Nice to 'meet' you and thanks for visiting our Southport and Oak Island Real Estate Blog! My name is Jon Langley, and I'm a REALTOR® in Brunswick County, NC. I work alongside some of the best Realtors in the Southport & Oak Island area. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Southport Oak Island Realty Group. Looking forward to connecting!

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